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A $203,150 purse was recently sold at the Dallas auction house, Heritage Auctions. It was a red crocodile Hermès Birkin bag with 18 carat white gold and diamond hardware.

The selling price set a world record.

Auctioneers expected the crocodile bag to sell for $80,000, so the fact that it went for more than two times that amount was astonishing. At the same auctions, two other bags sold for $113,525 and $95,600.

“This is an extraordinary example of one of the world’s most exceptional handbags,” UPI quoted Matt Rubinger, director of luxury accessories at Heritage Auctions, as saying, “and this was certainly an exceptional price, exceeding our highest expectations at every corner.”

“Just a year ago another Birkin, without the jewels and in lesser condition than this one, sold for the equivalent of $77,000 at auction in England,” he said. “Everything about this bag measures up much better than that one, which was the auction record until this: the color, the diamonds, the condition – it all combines to make this a singular bag and an extraordinary opportunity for a high-end collector.”